Atlantis Simulation Analysis

The simulation showed how an apartment management in Atlantis was impacted by different economic factors. Two microeconomics concepts where identified as changes in the demand supply and equilibrium. These concepts only affect the different small apartment complexes that Good Life manages. The two macroeconomics that where identified was price elasticity and price ceilings, these two concepts have an overall impact on the religion market. These two factors help to see if a local apartment complex will succeed or not.
When I did the simulation I made mistakes and I also got a chance to see how supply and demand can make a big impact to the economic environment. If the demand was to increase than the need of apartments would be filled. If the demand of the apartments decreased than the apartments wouldn’t get filled as quickly. Another reason is that if the demand was high, then most likely there would be an increase in …show more content…
When Good Life lowered the prices on the apartments, consumers were willing to rent. This made it hard on Good Life, because they were leasing out more apartment complexes that were their will to put out for such a small price. This also creates a shortage within the market place. Price ceiling affected the demand and supply because it created a shortage with the equilibrium. This simulation gave me a better concept of exactly what supply and demand was. I got a lot of knowledge, but this simulation helped me to understand supply and demand in real life. For example, I recently moved, the apartment complex I was looking at describe what was in the simulation. At the time of when I was trying to move the demand on living expense was high. I did not know much about how cost to keep up the apartment complexes could cause the price of them to be so much. I found this to be true, because how the demand of the apartments increased, so did the supplied